College Fund Challenge

I got this from the site above:
I trade the GBPUSD with over 98% accuracy. I am after 25 pips per trade with a stop loss of 250 pips. I will open only one trade at a time per direction. In some cases there will be a hedging situation but if you are unable to hedge then allow only one open trade at a time. Otherwise, please use maximum of TWO open trades and leverage about .10 cents per $100 in your balance. Please monitor your trades every day because your account is going to grow fast. I recommend leverage of 1:200 however, 1:50 will work but you need to probably risk only 5-7% per trade. I personally risk upwards of 60% per trade because of the great performance I have with this system. I am starting with a $100 in my account. My goal is to reach $2,000,000 in 2 years.

I think I understand it. You open a trade in the direction of the last 2 days.
You place a 250 pip stop loss on it. (And you pray that it does not take out the stop loss )
When it finally goes into profit of around 10 pips, the stop loss is moved to 1 pips above your entry price.
Your TP price is 25 pips on all trades.
You use leverage of 1:200
You risk UPWARDS of 60% of account balance on each trade.

Did I miss anything or am I mistaken on any point?

Humm, well the direction of trade for the last 2 days?
Incorrect, trade is triggered when indicators say to trigger a trade.

Leverage of 1:200?
I use from 1:50 - 1:500 Hotforex standard accounts are 1:300 and mini is 1:500.

As with any system. If you expect a certain percentage of accuracy, say 70% accuracy, no need to worry and "pray". In fact, if you are comfortable about your trading style, you can relax and go on vacation. Once you become comfortable with your system, trading becomes fun and non-stressful.

I have multiple accounts where risk ranges from 5%-60% risk per trade.

Well, we had another profitable week. There was no trade today.

Account 2: +7.9% for the week
Month total so far: +25%

An interesting trading system. What indicators are you using to trigger a trade?

Hello there, also no trade today,
started august 10..212.56
august 26..233.55 not many trades, but no losses.

You should see an average of eight 25-pip wins a month and a few more 1-2 pip trades.

Yes, this system isn't about quantity but quality.

Starting funds on Monday 13th June £391

ACCOUNT BALANCE JUNE 2011
13th £391 = $642
17th £428 = $688
24th £443 = $707

ACCOUNT BALANCE JULY 2011
1st £458 = $733
8th £487 = $777
16th £492 = $793 Trade still open over the weekend
22nd £510 = $825
29th £498 = $811 Closed manually to avoid open trade over weekend

ACCOUNT BALANCE AUGUST 2011
5th £514 = $839
12th £514 = $839
19th £543 = $896
17th £610 = $991